China's economy has (already) recovered from the Covid-19 pandemic

(Patria) – China's economy saw a 4.9% increase from July to September, making it the first major economy to recover while the Covid-19 pandemic is still ongoing.

Such expansion, although slightly less than preliminary projections, represents a dramatic turnaround from the first quarter of this year when the economy experienced a 6.8% decline, which was the first economic contraction China recorded since 1992 when the government began recording GDP data on a quarterly basis, writes the British Guardian.

The governor of the Chinese central bank, Yi Gang, stated on Sunday that an annual increase of about 2% is predicted. 'China's economy continues to have resilience and great potential. A recovery is expected to continue, which will benefit the global one,' claims Gang.

It is predicted that China will be the only G20 member whose economy will see growth amidst the Covid-19 pandemic.

According to data from the International Monetary Fund, the global economy will face a contraction of 4.4% - which represents the largest decline since the Great Depression.